My friends and I are living in a rented house and I manage the house. Every month my account will receive(from my friends) an extra 20000 for paying rent and expenses. Plus i have a credit card with a limit of 40000. My current annual income of 2.1 lakh per annum.
I have the following quires:
Did i have to pay income tax for amount that i receive for paying rent and expense?
Did the credit card limit amount is taxable?